EPS for the second quarter was $1.27, which easily surpassed the $1.12 that analysts had forecast.

Boeing upgraded its earnings outlook for the rest of the year to between $4.40 and $4.60 a share. That compared to prior estimates of between $4.15 and $4.35 a share.

Analysts are looking for full year earnings of $4.54.

Shares of Boeing rose more than 1% in Wednesday morning trading.

The company said that it delivered more commercial airplanes during the quarter, 150 compared to 118 in 2011. It currently expects to deliver between 585 and 600 commercial aircraft this year, beating European rival Airbus which anticipates 570 plane deliveries for 2012.